A concept born in a simpler time used as an excuse for many things from Socialism to controlled capitalism. As with any pivotal work, one should read it for his/her self. There is always the chance of misinterpretation by an individual, but if you do not read this then you are just accepting someone's word anyway.
This is more than an economics book it is a way of life. It sounds good on paper but makes many assumptions. Instead of worrying about workability, look at the logic that is built on assumptions of that time (written, in 1848). Add this to your library.
You can pick a side (pro or con) and make a stand if you like; but look at the size of this book and realize that many people will just use the title and build their own case. You will have read the real thing.
Be sure to balance it with "The Capitalist Manifesto" by Louis O. Kelso
The Capitalist Manifesto by Louis O. Kelso and Mortimer J. Adler